The Iowa State men’s basketball coach agreed to new terms with the school this week that will raise his annual average compensation through the life of his contract to $2.6 million, the school announced Friday.

“I’d love to end my career here,” Hoiberg said in a phone interview with the Ames Tribune. “I’ve got something special in Ames. My kids get to see their grandparents every day if they want to, and that’s stuff you can’t replace. To look up in the crowd (during games) and there’s my parents, my in-laws, my brother, my sister-in-law, my other brother drives over from Omaha a lot, just to have that family support, you can’t replace that.

Hoiberg, who is 90-47 overall as coach, signed a 10-year contract with ISU last spring. The terms of that contract will remain the same, except Hoiberg is getting a $600,000 jump in salary to $2.2 million next season, with that annual compensation increasing by $100,000 each season through 2023. He’ll top out at $3 million for the 2022-23 season.

The extra money comes on the heels of one of the most successful seasons in school history in which Hoiberg guided the Cyclones to their first Big 12 tournament title and Sweet 16 appearance since 2000.

“Fans are excited,” ISU athletic director Jamie Pollard said in a phone interview with the Ames Tribune. “It’s a continuation of the excitement that people have had throughout the entire season, quite honestly throughout his entire time, but certainly the last part of the season people were really excited so I think this just makes them feel good about the future for the basketball program.

It also comes amid renewed speculation that an NBA team could come calling for Hoiberg, who played in that league 10 years and was a front office executive there for another five.

“As I’ve said all along,” Pollard said, “the NBA stuff is a whole separate animal and whether he wants to coach in the NBA, which he’s never indicated to me, that’s a decision he’d have to make but he’s now paid as one of the top-10 coaches in the country so he knows what the college market is.”

ISU and Hoiberg have re-negotiated his contract in each of the past three springs, elevating him from his starting salary of $800,00 to $1.2 million to $2 million and now $2.6 million each time.

Hoiberg’s previous salary put him in the bottom half of the Big 12, but his new raise will elevate him to among the nation’s highest paid coaches. The average $2.6 million he will be paid over the life of the contract would have landed him at 11th nationally this past season, according to the USA Today coach’s salary database.

“When you have that type of support,” Hoiberg said, “you’re able to do a lot of really good things, and I think that showed. Jamie’s great to work for. (ISU president) doctor (Steven) Leath being around (the team) as much as he is and going back to doctor (Gregory) Geoffroy when I was hired, it’s always been there from the top and when you have that type of leadership it makes your job very easy.”

ISU is coming off a 28-8 season in which it reached its third-straight NCAA tournament for just the second time in school history and are already appearing in forecasted top-20 preseason polls for next year already.

“It’s a program that’s clearly on the rise nationally,” Pollard said. “We’ve been to the NCAA tournament now three straight years. We just won a Big 12 championship, we hadn’t done that since 2000. I would say Fred is reloading, he’s not rebuilding.

“I think the future is really bright.”

Other than the salary bump, no other terms of Hoiberg’s contract were revised, according to the university’s press release. That means Hoiberg’s buyouts remain the same - he would owe ISU $2 million should he take another college coaching job and $500,000 if he were to move on to an NBA coaching or general manager’s job. That those numbers did not change may leave some lingering NBA questions despite the 5.4 million new dollars due Hoiberg at ISU, which hired him with no previous coaching experience in 2010.

“I try not to pay attention to it,” Hoiberg said of the speculation. “In today’s age it’s hard with social media the way it is, but Jamie Pollard gave me an opportunity to get into this business, and I’m very fortunate to be in a great spot.

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